Cresset Asset Management LLC Decreases Holdings in DoorDash, Inc. $DASH

Cresset Asset Management LLC decreased its holdings in DoorDash, Inc. (NASDAQ:DASH) by 37.6% in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 6,431 shares of the company’s stock after selling 3,874 shares during the period. Cresset Asset Management LLC’s holdings in DoorDash were worth $1,585,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Saudi Central Bank purchased a new stake in DoorDash during the first quarter valued at about $25,000. WPG Advisers LLC bought a new stake in shares of DoorDash in the 1st quarter valued at about $26,000. Pacific Center for Financial Services purchased a new stake in DoorDash during the 1st quarter valued at about $27,000. GFG Capital LLC bought a new position in DoorDash during the 2nd quarter worth approximately $30,000. Finally, SouthState Corp increased its stake in DoorDash by 762.5% in the 1st quarter. SouthState Corp now owns 207 shares of the company’s stock worth $38,000 after purchasing an additional 183 shares during the period. Institutional investors own 90.64% of the company’s stock.

DoorDash Stock Performance

DoorDash stock opened at $229.99 on Wednesday. The stock’s 50 day simple moving average is $235.51 and its two-hundred day simple moving average is $239.70. The company has a debt-to-equity ratio of 0.29, a quick ratio of 2.04 and a current ratio of 2.04. The stock has a market cap of $99.13 billion, a price-to-earnings ratio of 116.75 and a beta of 1.72. DoorDash, Inc. has a fifty-two week low of $155.40 and a fifty-two week high of $285.50.

DoorDash (NASDAQ:DASH) last released its earnings results on Wednesday, November 5th. The company reported $0.55 EPS for the quarter, missing analysts’ consensus estimates of $0.68 by ($0.13). DoorDash had a net margin of 6.83% and a return on equity of 9.97%. The firm had revenue of $3.45 billion during the quarter, compared to analysts’ expectations of $3.35 billion. During the same quarter in the previous year, the business earned $0.38 EPS. The company’s revenue for the quarter was up 27.3% compared to the same quarter last year. As a group, analysts expect that DoorDash, Inc. will post 2.22 earnings per share for the current fiscal year.

Insider Buying and Selling at DoorDash

In other news, COO Prabir Adarkar sold 30,000 shares of the business’s stock in a transaction on Monday, September 29th. The shares were sold at an average price of $270.60, for a total transaction of $8,118,000.00. Following the sale, the chief operating officer owned 914,547 shares in the company, valued at approximately $247,476,418.20. The trade was a 3.18% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Tony Xu sold 288,410 shares of the company’s stock in a transaction dated Thursday, November 20th. The stock was sold at an average price of $196.04, for a total transaction of $56,539,896.40. Following the completion of the sale, the chief executive officer directly owned 232,040 shares in the company, valued at $45,489,121.60. This represents a 55.42% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 679,563 shares of company stock valued at $152,902,593. Company insiders own 5.83% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on DASH shares. Truist Financial increased their price objective on DoorDash from $326.00 to $340.00 and gave the company a “buy” rating in a research note on Thursday, October 23rd. Wells Fargo & Company cut their price target on shares of DoorDash from $301.00 to $239.00 and set an “equal weight” rating on the stock in a report on Thursday, November 6th. KeyCorp restated an “overweight” rating and issued a $280.00 price objective on shares of DoorDash in a research report on Friday, November 21st. Citigroup reiterated a “market outperform” rating on shares of DoorDash in a report on Monday, November 24th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of DoorDash in a report on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, twenty-six have issued a Buy rating and ten have given a Hold rating to the company. According to MarketBeat, DoorDash has a consensus rating of “Moderate Buy” and an average target price of $275.62.

DoorDash Company Profile

DoorDash, Inc, together with its subsidiaries, operates a commerce platform that connects merchants, consumers, and independent contractors in the United States and internationally. The company operates DoorDash Marketplace and Wolt Marketplace, which provide various services, such as customer acquisition, demand generation, order fulfillment, merchandising, payment processing, and customer support.